Sensor Data Analytics Market: Current Analysis and Forecast (2022-2028)

Sensor Data Analytics Market: Current Analysis and Forecast (2022-2028)

Sensor data analytics is a primary statistical tool that is used to analyze data collected in real time by the sensor. It monitors product performance and consumption in real-time and makes predictions about the behavior of in-service devices. A scalable framework for sensor data analytics connects a variety of data formats from multiple sensors, produces actionable insights, and lowers the cost of data maintenance.

The Sensor Data Analytics Market is expected to grow at a steady rate of around 14% owing to the rising adoption of IoT. Industrial IoT and growing consumer data is also expected to drive the market during the forecast period. The increasing adoption of sensor data analytics is mainly attributed to its growing number of applications in technologies such as smart grid, fleet management, healthcare sensing, smart appliances, and others. Moreover, the market's expansion is largely driven by an increase in the use of sensors to speed up the analysis processes is also expected to influence the market growth. Furthermore, the demand for the sensor data analytics market is being driven up by the rising need for accuracy in data process management and the growing concern about the need to put the data in a quantified form. Additionally, the growing use of IoT is expected to drive the market during the forecast period. For instance, according to exploring topics, In 2020, IoT spending reached $749 billion. In 2022, global IoT spending was predicted to hit $1 trillion. IoT devices have multiple sensors that constantly collect data which is later used for data analytics.

• On the basis of component, the market is bifurcated into hardware and software. The hardware segment is expected to achieve a larger share in 2020 and is expected to maintain during the forecast period. The demand for hardware platforms is significantly impacted by the rapid rise in the use of sensor nodes, routers, and gateways to building a network infrastructure for various customer segments. Additionally, sensors have an advantage over other components due to their ease of deployment in technologically inaccessible locations.
• Based on application the market is segmented into applications such as manufacturing, healthcare, automotive, BFSI, and telecommunication. The healthcare segment is expected to achieve a significant market share in 2021. Factors, including the rapid rise in the cost of medical care, the growing demand for better clinical outcomes, and the significant need for better patient care, are expected to drive the market during the analysis time period. Moreover, in healthcare centers, the use of sensor data analytics helps with better patient management, which in turn leads to better patient care, increased operational productivity, and reduced workload on doctors is expected to significantly influence the market during the forecast period.
• For a better understanding of the market adoption of the sensor data analytics industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America region is anticipated to dominate the sensor data analytics market and is expected to maintain this during the forecast period. This is mainly due to the rapid rise of artificial intelligence (AI) and the internet of things (IoT) within industries and technological advancements in the Information and communication technology (ICT) sector in the region. Moreover,the growth of the sensor data analytics industry is being helped by research and innovation and the development of wireless sensors for use in consumer electronics and healthcare, as well as the rising demand for predictive analytics for forecasting and machine learning in various industries.
• Some of the major players operating in the market include TATA Consultancy Services Limited, IBM, SAP SE, Cisco Systems, Inc, Microsoft, Hewlett Packard Enterprise Development LP, Qualcomm Technologies, Inc, Schneider Electric, Verizon, and Talend.